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RE/MAX Innovative Properties
2 Ash Street
Hollis, NH 03049

Karen R. Brown

Karen R. Brown
Licensed in MA & NH

c: 603.321.7513 | o: 603.465.8800

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Essex County February Housing Report

Essex County February Housing Report 2/14/2024

Inflation continued to rise in January pushing mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.   

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes rose in January by 0.3% and 0.4% respectively. This increase was mostly caused by a 0.6% increase in Shelter (housing costs) and a  0.4% increase in Food.  Annual CPI rose 3.1% and Core Inflation rose 3.9%, almost twice the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s motivation to lower interest rates in the near term.  30 year fixed rate mortgages today were 7.09% per Mortgage News Daily.  

Essex County January 2024 Housing Report 1/12/ 2024

Essex County January Housing Report 1/12/2023

Federal Reserve Will Likely Slow Their Drop In Interest Rates due to the

December Rise in Both the Consumer Price Index and Core Inflation

Both the CPI and CPI Core Inflation Indexes rose by 0.3% in Dec.  Annual CPI rose by

3.4% and Core Inflation rose by 3.9%, almost twice the Federal Reserve’s goal of

2%.  30 year fixed rate mortgages today are 6.69% per Mortgage News Daily.

Bottom Line for Singles Families, Condos and Multi-Family:

Record low inventories continue to support housing prices, although there was a

softening in single family prices when comparing December to November 2023,

but both condos and multi-families had modest price increases.

 

 

 

Essex County December Housing Report 12/23/2023

Essex County December Housing Report 12/23/2023

Federal Reserve Took A More Dovish Posture and Rates Dropped:

At the December 13, 2023 Federal Reserve Policy Statement and News

Conference, the Fed indicated 3 Rate Cuts in 2024 even though the Consumer

Price Index Core Inflation was still running at 4%, twice the Fed’s goal of 2%. 30

year Mortgage Rates fell from 7.09% on 12/12/2023 to 6.62% on 12/14/2023.

Since 10/19/ 2023, 30 Year Mortgage Rates have fallen from 8.03% to 6.68% on

12/22/2023. As 92% of all outstanding mortgages are 6% or less and 82% are

5% or less, the housing market should improve substantially if the 30 year

mortgage rates drop below 6% as more sellers will list their properties For Sale.

 

 

Essex County November Housing Report 11/27/2023

Inflation Rate Is Trending Down - Positive Impact On Mortgage Rates

October’s Consumer Price Index (CPI) rose 0% from prior month vs +0.4% in September. Annual CPI was +3.2% down from +4.0% in September. Core Inflation (CPI less food and energy) rose +0.2% in October down from +0.3% in September but the annual rate was +4.0%, still double the Federal Reserve’s goal of 2.0%.

30 Year Mortgage Rates Are 7.32% Today (Mortgage News Daily) Mortgage rates have fallen from 7.88% a month ago. However Geopolitical problems and restrictive Federal Reserve policies continue to add upward pressure on interest rates.
Buyer Upside: Less competition and buyers can refinance when rates fall.

Bottom Line for Singles Families , Condos and Multi-Family:

Record low inventories keep Single Family home pricing firm, but there was softening in the Condo and Multi-Family Sold Prices.

 

Essex County October Housing Report 10/16/2023

Essex County October Housing Report 10/16/2023

Inflation Remains Hot
Consumer Price Index (CPI) rose +0.4% in September and +3.7% for 12 months. Prices were driven by rising shelter and gasoline prices. Core Inflation (CPI less food and energy) rose +0.3% in September and +4.1% for 12 months, well above the Federal Reserve goal of 2%

30 Year Mortgage Rates Today Were 7.80% (Mortgage News Daily
Geopolitical problems and restrictive Federal Reserve policy adds pressure to interest rates.
Buyer Upside: Much less competition and buyers can refinance when rates fall.

Record low inventory keeps home pricing firm in spite of high rates

 

First Time Home Buyer's Guide

First Time Home Buyer's Guide

The process of buying a home can be overwhelming at times, but you don't need to go through it alone. You may be wondering if now is a good time to buy a home… or if you should continue renting. I put together a free eGuide for you that will answer many of your questions and likely bring up a few things you haven't even thought about yet. Just click the button below to read it now!

Read Your Guide Now 

Essex County September Housing Report - 9-18-2023

Essex County September Housing Report 9/18/2023

Inflation Heating Up Again

Consumer Price Index rose 0.6% in August and is up 3.7% for 12 months. Prices driven by rising gasoline and shelter prices.

Oil Prices (West Texas Intermediate crude) Rose 15.3% in the past 30 days from $80.12. to $92.36.

30 Year Mortgage Rates Today Were 7.31% (Mortgage News Daily)

Singles, Condos and Multi-Families:

Month over Month, Prices were mixed, Units Sold rose and Active Listings fell.

Year over Year, Prices Rose over 10%, but Units Sold and Active Listings continue to drop double digit.

Record low housing inventory keeps pricing firm in spite of high mortgage rates.

 

 

Essex County August Housing Report 8/8/2023

Essex County August Housing Report 8/8/2023

USA Credit Rating lowered by Fitch from AAA to AA+
30 Year Mortgage Rates Rose to 7.2% but retreated to 7.04 Today

Oil Prices (West Texas Intermediate) Rose 17.2% During July: from $69.79 to $81.80.  
Expect inflation to rise in July. Check CPI report on 8/10/2023

Today’s Bottom Line for Singles and Condos and Multi-Families:
Year over Year, Prices Rose. Units Sold, Active Listings and Inventories fell. 
Month over Month, Prices Rose. Units Sold and Active Listings fell.

Record low inventory keeps pricing firm in spite of higher mortgage rates.

 

 

Essex County July Housing Report 7/27/2023

Essex County July Housing Report 7/27/2023

The Federal Reserve increased the Fed Funds Rate by 0.25% to 5.5% on 7-26-2023.

The 30 Year fixed rate mortgage is now 6.95% per Mortgage News Daily

Inventory remains at record low levels because most homeowners have lower mortgage rates and don't want to trade into a much higher mortgage rate.
91.8 % of homeowners have a mortgage rate below 6%, 82.4 % have a rate below 5%, 62% have a rate below 4%, and 23.5% have a rate below 3%. 

Inflation is coming down.  Consumer Price Index fell to 3% in June but Core Inflation too high - 4.8%.
Mortgage rates are expected to start declining by the end of this year

Today’s Bottom Line for Singles and Condos and Multi-Families:

Year over year, Units Sales, Active Listings and Inventories continue to fall.

Pricing remains firm in spite of high mortgage rates due to record low inventories.

Month Over Month, unit sales and active listings improved as we moved into the selling season.

 

 

Essex County June Housing Report 6/15/2023

Essex County June Housing Report 6/15/2023

CPI Core Inflation remains stubbornly high but is gradually declining and fell from 5.4% in April to 5.3% in May. Happily core inflation for wholesale prices, the Producer Price Index, fell from 3.3% in April to 2.8% in May. The Federal Reserve did not raise rates in June. The current 30 year conforming mortgage rate is 6.94% per Mortgage News Daily. High interest rates will keep inventory low as homeowners with very low mortgage rates are reluctant to move. Commercial Real Estate (CRE) lending is expected to remain tight as Regional Banks which hold 70% of CRE loans struggle to improve profits and liquidity.

Today’s Bottom Line for Singles and Condos:

Unit Sales continued to fall year over year (down 28%+ for both singles and condos). BUT, month over month unit sales rose dramatically as we moved into the Spring Market: + 32.1% for Single Family and + 44.1% for condos - 👍 Prices were up both year over year (YOY) and month over month (MOM) 👍 : Single Family Prices +1.9% YOY and +7.1% MOM.

Condos Prices +4.6% YOY and +8.3% MOM.

Multi-Families: Units sales fell -8.7% YOY, but rose 1.3% MOM Prices fell 8.7% YOY but rose 1.3% MOM